Word: deficiteer
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Dates: during 1960-1969
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...reflect the fact that foreign governments are no longer in such a hurry to cash in their dollars as they have been. The new confidence in the dollar has been brought about in part by continued improvement in the U.S. balance of payments position. The nation's payments deficit soared to $1.74 billion during last year's final quarter, then dropped to $606 million in the first three months of 1968. The deficit for the quarter that ended June 30, a Government official said last week, is expected to be "substantially" lower still...
...Wilson had some information that made that statement sound merely overoptimistic rather than like sheer nonsense. Britain's trade deficit dropped 42% in June, the best performance in any month since devaluation, and Europe's central bankers showed their confidence in the pound by giving Britain $2 billion in new stand-by credits to defend it. A Daily Mail poll showed that the massive Tory lead of 23.5% in April had been cut to 13.5% this month. Then, last week, Labor scored its second parliamentary by-election victory in five weeks. The win at Caerphilly, Wales, was narrow...
...last week, the country's exports continued their slow but steady increase. More encouraging, imports showed their biggest monthly decline since devaluation, indicating that consumer spending, which had been fueled by fear of higher prices, has finally started to ease. As a result, the country's trade deficit for June, while still a substantial $280 million, was down by 34% from...
...Labor unrest is only one evidence that British complacency has more than survived last fall's devaluation of the pound. Though exports have since climbed by 15%, Britain's promised curb on imports has yet to take effect. May's $206 million trade deficit was just as large as April's. Last week the pound went to a post-devaluation low of $2.3829 on foreign exchange markets. Prime Minister Harold Wilson has so far refused to intervene in the labor disputes, after saying optimistically that "British industry...
Nonetheless, the potential long-term benefits are obvious. The federal deficit for the next fiscal year is now estimated at about $7.5 billion, as much as $22.5 billion less than it might have been without the tax bill. As a result, Washington will not have to borrow as much money -good news for those seeking home mortgages or other forms of credit. The entire economy could ease into a more stable growth pattern than has prevailed for the past two years. There may be some disconcerting bumps as things decelerate, but they are likely to be gentle compared...